TerreStar Networks has a confirmed Chapter 11 plan.
A bankruptcy judge signed an order Wednesday approving the plan based on a sale of the business to Douglas County-based Dish Network Corp. for $1.375 billion. Dish said it will complete the acquisition as soon as approvals are received from the Federal Communications Commission.
Unsecured creditors, the only class entitled to vote, were almost unanimous in support. There were no objections to confirmation.
TerreStar received $1.345 billion at completion of the sale to Dish in August.
The disclosure statement showed that holders of the $178.7 million in senior unsecured notes should recover 11.3 percent, while general unsecured creditors with $120 million in claims are in line for a 6.1 percent payday.
TerreStar Networks, based in Reston, Va., offered mobile satellite coverage throughout the U.S. and Canada where traditional mobile networks are unavailable.
It listed assets of $1.4 billion and debt totaling $1.64 billion.
